Record Profitability, a First Full Quarter of Deliveroo, and a Falling Stock
DoorDash's Q3 2025 10-Q reported the Deliveroo acquisition closing as a subsequent event, two days after that quarter ended. This Form 10-K, covering the fiscal year ended December 31, 2025 and filed with the SEC in February 2026, is the first DoorDash filing this site has read with Deliveroo actually consolidated - contributing $347 million of revenue and a $49 million net loss in the roughly three months since the October 2, 2025 close. Company-wide, full-year revenue grew 28% to $13,717 million from $10,722 million, and GAAP net income attributable to DoorDash, Inc. common stockholders jumped to $935 million from $123 million - a 660% increase - while income from operations reached $723 million, up from a $38 million loss in 2024. Adjusted EBITDA» grew 46% to $2,779 million from $1,900 million.
DoorDash also discloses unaudited pro forma figures showing what the combined company would have looked like had the Deliveroo acquisition closed at the start of 2024: pro forma revenue of $11,984 million for FY2024 and $14,743 million for FY2025, with pro forma net income of a $103 million loss for FY2024 and $925 million for FY2025 - broadly consistent with the standalone figures, suggesting Deliveroo itself was closer to breakeven than a major drag on the combined results even before full integration.
Despite the strongest full-year fundamental performance this site has recorded for DoorDash, the stock fell in the fourth quarter: from a September 30, 2025 close of $271.99 to a December 31, 2025 close of $226.48, a 17% decline - the sharpest single-quarter drop since Q2 2024's 21% fall. The result is a full fiscal year that combines record profitability with meaningful valuation compression in its final three months.
The Prescription
DoorDash should directly address why the market sold off the stock 17% in the same quarter the company's first consolidated Deliveroo results and a 660% net income increase for the year both landed. Nothing in this filing explains the disconnect - if it's integration-cost concerns, competitive pressure in a specific geography, macro factors, or something acquisition-specific investors haven't yet priced correctly, the company is better served by addressing it directly than leaving the market's read unaddressed in an otherwise triumphant-sounding annual report.
What it should stop doing: letting the $5.0 billion buyback authorization sit completely untouched for a full calendar year while simultaneously funding a $3.7 billion acquisition and reporting the company's most profitable year on record. DoorDash spent zero dollars on repurchases in every quarter of 2025. The board authorized $5.0 billion in February 2025 specifically as a capital-return commitment; twelve months later, none of it has been used, even as the balance sheet generated $1.8 billion of free cash flow for the year. A full year of complete inaction on a shareholder-facing capital-return program deserves a direct explanation, not silence.
Key Financial Metrics
FY2025 vs. FY2024 - consolidated, reported in USD (DoorDash reports natively in USD, no FX conversion needed; Deliveroo consolidated from October 2, 2025)
| Metric | FY2025 | FY2024 | YoY |
|---|---|---|---|
| Revenue | $13,717M | $10,722M | ✅ +28% |
| Adjusted EBITDA» | $2,779M | $1,900M | ✅ +46% |
| Operating Income (Loss) | $723M | $(38)M | ✅ turned positive |
| Net Income (Loss) attributable to common stockholders | $935M | $123M | ✅ +660% |
| Free Cash Flow» | $1,826M | $1,802M | ✅ +1% |
Balance sheet: Dec 2025 vs. Dec 2024
| Balance sheet metric | Dec 2025 | Dec 2024 | Change |
|---|---|---|---|
| Total Assets | $19,659M | $12,845M | ✅ +53% |
| Total Liabilities | $9,613M | $5,035M | ⚠️ +91% |
| Total Stockholders' Equity | $10,033M | $7,803M | ✅ +29% |
Free Cash Flow grew only 1% to $1,826 million from $1,802 million, a far smaller increase than the 46% Adjusted EBITDA growth would suggest, driven by a jump in capital intensity: capex more than doubled to $257 million from $104 million, and capitalized software and website development costs grew to $348 million from $226 million. Total cash and marketable securities (cash and cash equivalents of $4,378 million plus short-term investments of $1,128 million and long-term investments of $837 million, excluding $587 million of funds held at payment processors and $303 million of combined restricted cash) stood at $6,343 million as of December 31, 2025.
DoorDash's net income attributable to common stockholders surged 660% to $935 million in FY2025, its first fiscal year including consolidated Deliveroo results after the October 2025 acquisition close, with operating income reaching $723 million from a $38 million loss - yet the stock fell 17% in the fourth quarter alone, and the $5.0 billion buyback authorization went the entire calendar year without a single share repurchased.
Key Operational Metrics
FY2025 vs. FY2024
| Metric | FY2025 | FY2024 | YoY |
|---|---|---|---|
| Total Orders | 3,172M | 2,583M | ✅ +23% |
| Marketplace GOV» | $102,018M | $80,231M | ✅ +27% |
| Contribution Profit» | $4,848M | $3,474M | ✅ +40% |
| Net Revenue Margin (Revenue ÷ Marketplace GOV) | 13.4% | 13.4% | flat |
| GAAP Gross Profit | $6,686M | $4,979M | ✅ +34% |
Marketplace GOV crossed $100 billion for the first time, at $102,018 million, up 27% from $80,231 million - the fastest full-year GOV growth rate since 2022, aided by roughly three months of Deliveroo volume. Total Orders grew 23%, also an acceleration from 2024's 20%. Contribution Profit grew 40%, again outpacing revenue growth. Net Revenue Margin held flat at 13.4% for the second straight year, rather than continuing its multi-year expansion trend - worth watching given Deliveroo's different unit-economics profile is now blended into the consolidated results. DoorDash still does not disclose exact merchant, consumer, or Dasher headcounts, or an absolute DashPass subscriber count.
Beyond the Usual
The First Deliveroo Quarter: $347 Million of Revenue, a $49 Million Net Loss
Deliveroo contributed $347 million of revenue and a $49 million net loss to DoorDash's consolidated results for the roughly three months between the October 2, 2025 acquisition close and December 31, 2025. Total acquisition consideration was $3,724 million (versus the originally announced approximately £2.8 billion equity value, reflecting USD/GBP conversion and final settlement terms), all of which had been settled in cash by year-end. Unaudited pro forma figures - showing what the combined company would have looked like had the deal closed at the start of 2024 - show pro forma revenue of $11,984 million (2024) and $14,743 million (2025), and pro forma net income of a $103 million loss (2024) and $925 million (2025), suggesting Deliveroo's standalone economics were close to the consolidated company's trajectory rather than a major drag.
The $5.0 Billion Buyback Went a Full Calendar Year Without a Single Repurchase
DoorDash repurchased zero shares of Class A common stock during the full year ended December 31, 2025. The $5.0 billion authorization from February 2025 - four and a half times the size of the $1.1 billion program it replaced - has now gone twelve consecutive months without a single dollar spent, even as the company generated $1.8 billion of Free Cash Flow for the year and closed a $3.7 billion acquisition funded substantially through new debt and escrowed cash rather than balance-sheet cash alone.
DoorDash's insurance collateral requirement held at $607 million, unchanged from the level reported at the end of Q3 2025 and down from $692 million at the end of 2024. Letters of credit outstanding for real estate leases and insurance policies fell to $106 million from $141 million. The $800 million revolving credit facility remained fully undrawn, and the Bridge Term Loan Credit Agreement entered into alongside the Deliveroo announcement (providing up to $2.85 billion of backup financing) was never drawn - the acquisition was funded through the 2030 Notes' proceeds and escrowed cash instead. Goodwill grew to $5,519 million from $2,315 million and intangible assets, net grew to $2,260 million from $510 million, both driven substantially by the Deliveroo and SevenRooms acquisitions.
Stock Price Since Last Quarter
DoorDash's stock fell in the fourth quarter of 2025, from a September 30, 2025 close of $271.99 to a December 31, 2025 close of $226.48 - a 17% decline, the sharpest single-quarter drop this site has recorded since Q2 2024's 21% fall, breaking a streak of five consecutive quarterly gains (DoorDash has not split its stock since its IPO, so these remain actual nominal prices). The stock remains about 10% above its end of Q3 2021 peak of $205.98, having briefly traded well above it earlier in the year before this quarter's pullback. For calendar 2025 as a whole, the stock still rose 35%, from a December 31, 2024 close of $167.75 to $226.48.
Target Valuation Range
~6.9x TTM/FY EV/Revenue, down from ~9.1x three months earlier. Verdict: too-early-to-call on a numeric fair-value range — the peer-multiple read below is the honest substitute (see the DCF-timing note further down). Bottom line: the valuation multiple compressed sharply this quarter as the stock fell 17% even while the underlying business posted record full-year profitability and consolidated its first quarter of Deliveroo results - a mechanical reversal of the extended run of multiple expansion this site tracked through the first three quarters of 2025.
With 409.97 million Class A and roughly 24.46 million Class B shares outstanding (434.43 million total, per the cover page as of February 12, 2026):
| Market cap → enterprise value | FY2025 (period-end) |
|---|---|
| Share price (period-end, December 31, 2025 close) | $226.48 |
| Shares outstanding (Class A + B) | 434.43 million |
| Market capitalization | ~$98.4 billion |
| Less: cash and marketable securities | $6.34 billion |
| Plus: convertible notes, net | $2.72 billion |
| Enterprise value | ~$94.8 billion |
| Peer-multiple sanity check (TTM/FY basis) | Q3 2025 (TTM) | FY2025 | Change |
|---|---|---|---|
| TTM/FY Revenue | $12,635M | $13,717M | ✅ up |
| TTM/FY Adjusted EBITDA | $2,565M | $2,779M | ✅ up |
| Enterprise value | ~$114.8 billion | ~$94.8 billion | ⚠️ down |
| EV/Revenue» | ~9.1x | ~6.9x | ⚠️ down |
| EV/Adjusted EBITDA» | ~45x | ~34x | ⚠️ down |
Enterprise value fell 17% while full-year revenue grew 9% sequentially against the prior TTM figure and Adjusted EBITDA grew 8% - almost the entire multiple compression this quarter came from the stock-price decline rather than any deterioration in fundamentals, which kept improving throughout. This is the mirror image of the pattern this site flagged in Q2 2024, where a falling stock price compressed multiples even as the business improved - now recurring at a much larger scale, roughly eighteen months later.
A full DCF still isn't attempted here: this is the first fiscal year with even a partial quarter of consolidated Deliveroo results, and a genuinely clean multi-year model needs at least one full year of Deliveroo fully integrated to separate the acquisition's underlying economics from one-time integration costs and purchase-accounting effects. The unexplained Q4 stock decline, a buyback authorization now a full year old with zero usage, and Net Revenue Margin's flat second straight year all argue for more data before committing to long-run projections. The peer-multiple read remains the more honest tool, and it shows DoorDash's valuation resetting meaningfully lower even as the underlying business just posted its strongest year yet.
DoorDash, Inc.'s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC in February 2026.